Around the P&C insurance industry: June 5, 2024
Insurance industry news from Gallagher Re, Mylo, National Equipment Register and more is featured in this weekly update.
Gallagher Re partnered with Colorado State University to study the trends of tropical cyclone risk, aiming to address challenges faced within the (re)insurance industry and beyond, while further advancing topics involving mitigation, adaptation and resilience. This agreement marks CSU as the first academic entity to join Gallagher Re’s new Tropical Cyclone Consortium.
Mylo has partnered with trusted carrier Safeco to provide a reliable, affordable pet insurance solution. Safeco is part of Liberty Mutual, a Fortune 500 company and the sixth-largest personal lines insurer in the country. Safeco has 90+ years of experience and offers 24/7 customer care.
Aeolus Capital Management Ltd. and RED – Risk Engineering + Development launched a research collaboration. The earthquake-focused study, led by Dr. Pete Dailey, Head of Research at Aeolus and a renowned expert in catastrophe model development and analytics, will be a quantitative study looking at how a key aspect of earthquake risk is represented in currently available CAT models.
RiverStone International acquired Electric Insurance Company and its two subsidiaries, Elm Insurance Company and Electric Insurance Agency LLC. EIC is a Massachusetts-domiciled insurer licensed in all 50 U.S. states, as well as D.C., Puerto Rico and Canada. The acquisition provides RiverStone International with the platform and operational capabilities to further North American-based opportunities.
Howden and Allianz Trade signed an initial framework agreement with Saudi EXIM Bank to provide credit and political risk insurance to exporters willing to seize business opportunities in Saudi Arabia through its Vision 2030 plan. The agreement was signed on May 29, at Howden’s London office between His Excellency Saad Al-khalb, CEO, Saudi EXIM Bank, David Howden, CEO, Howden and Marine Bochot, CEO Northern Europe, Allianz Trade. The signing was preceded by a briefing at Lloyd’s of London, where the Saudi EXIM delegation set out the Kingdom’s 2030 Vision to the London credit and political risk insurance market.
NEXT Insurance announced the availability of its business owner’s policy, a comprehensive insurance solution designed with the specific needs of small businesses in mind. Building upon NEXT’s AI-powered, proprietary platform and underwriting expertise, NEXT’s BOP offering enables agents to easily provide their small business clients with liability and property insurance coverage under a single policy that is simple to quote, bind and manage..
National Equipment Register and KYCS Global Inc. partnered to provide cutting-edge security and recovery solutions for heavy equipment assets. This strategic integration revolutionizes the ecosystem for theft-recovery and security of assets and offers unprecedented benefits to businesses across agriculture, construction and industrial services industries. The agreement between Verisk, a leading global data analytics and technology provider, and KYCS Global will combine KYCS’s recovery device technology with NER’s robust data and tracking capabilities. It will also bring together related incentives from insurance providers and will be available to equipment and fleet operators across North America.
Apollo Syndicate Management Ltd launched the first captive syndicate of the modern era at Lloyd’s. This captive syndicate, managed by Apollo, is in partnership with a major global client and is the latest development in Apollo’s mission to grow its extensive market offering and leading managing agency services. The launch signals the start of Lloyd’s new initiative where large captive clients can retain risk through their own Lloyd’s rated syndicate, instead of via more traditional captive models. It significantly increases the flexibility of a client’s risk retention and allows them to take advantage of what their own Lloyd’s syndicate offers.
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